Do Euro Area Countries Respond Asymmetrically to the Common Monetary Policy?

作者：Barigozzi Matteo^*; Conti Antonio M; Luciani Matteo

来源：Oxford Bulletin of Economics and Statistics, 2014, 76(5): 693-714.

DOI：10.1111/obes.12038

We investigate the possible existence of asymmetries among Euro Area countries reactions to the European Central Bank monetary policy. Our analysis is based on a Structural Dynamic Factor model estimated on a large panel of Euro Area quarterly variables. Although the introduction of the euro has changed the monetary transmission mechanism in the individual countries towards a more homogeneous response, we find that differences still remain between North and South Europe in terms of prices and unemployment. These results are the consequence of country-specific structures, rather than of European Central Bank policies.

• 出版日期2014-10